A wealth of Fedspeak this week has substantially clarified whose dots were whose on the most recent SEP. Goolsbee’s dovish speech strongly suggests the lone 4.875 dot was his, while Waller makes the case for further hikes. Bostic and Harker...
Still too early to say about June dots, but this week’s Fedspeak suggests the Fed sees the turmoil in the wake of SVB as unlikely to widen,...
We think it’s too early to make any judgments about June dots but it seems clearer that Susan Collins’ priors remain geared towards further tightening, while Neel Kashkari consistently sounded more cautious about macroeconomic implications from banking turmoil.
While there are prescriptive upshots to this piece, this piece is meant to get at the core descriptive points about how monetary policy works. There is plenty of...
